Rivian lost $1.7 billion, or $1.87 a share, in the recent quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year. Sales were below expectations. $RIVN dropped in after-hours trading:
Rivian Automotive Inc. late Tuesday reported a narrower quarterly loss but sales that were below expectations, sending the EV maker’s stock more than 7% lower in after-hours trading.
Rivian RIVN, +4.61% lost $1.7 billion, or $1.87 a share, in the quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year.FactSet consensus called for a loss of $1.96 a share on sales of $724 million for Rivian. “Our team continues to work on the introduction of new engineering design changes and key technologies which will take effect during the second half of 2023 to help mitigate anticipated supply-chain constraints”
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